The Bank of England needs to consider more unorthodox policies than quantitative easing, the chairman of the Financial Services Authority told a City audience last night.

In a speech regarded as a job application for the Bank governorship, Lord Turner of Ecchinswell admitted that he was wrong to have supported membership of the euro at one time, heaped praise on parts of the City and spelt out how he could not be blamed for failings in bank supervision in the run-up to the crisis.

“It felt like being appointed captain of the Titanic after we’d hit the iceberg but before